SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
Date of Report (Date of earliest event reported) January 26, 2010
AMERISERV FINANCIAL, Inc.
(exact name of registrant as specified in its charter)
Pennsylvania 0-11204 25-1424278
(State or other (commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
Main and Franklin Streets, Johnstown, Pa. 15901
(address or principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 814-533-5300
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
( ) Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
( ) Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
( ) Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
( ) Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4c))
Form 8-K
Item 2.02 Results of operation and financial condition.
AMERISERV FINANCIAL Inc. (the "Registrant") announced fourth quarter and full year results through December 31, 2009. For a more detailed description of the announcement see the press release attached as Exhibit #99.1.
Exhibits
--------
Exhibit 99.1
Press release dated January 26, 2010, announcing the fourth quarter and full year results through December 31, 2009.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERISERV FINANCIAL, Inc.
By /s/Jeffrey A. Stopko
Jeffrey A. Stopko
Executive Vice President
& CFO
Date: January 26, 2010
Exhibit 99.1
AMERISERV FINANCIAL REPORTS EARNINGS FOR THE FOURTH QUARTER AND FULL YEAR OF 2009
JOHNSTOWN, PA –AmeriServ Financial, Inc. (NASDAQ: ASRV) reported a fourth quarter 2009 net loss of $1.7 million or $0.09 per diluted share. This represents a decrease of $3.3 million from the fourth quarter 2008 net income of $1.6 million or $0.07 per diluted share. For the year ended December 31, 2009, the Company reported a net loss of $4.9 million or $0.28 per diluted share. This also represents a decrease of $10.4 million when compared to net income of $5.5 million or $0.25 per diluted share for the full year of 2008. The following table highlights the Company’s financial performance for both the quarters and years ended December 31, 2009 and 2008:
| Fourth Quarter 2009 | Fourth Quarter 2008 |
| Year Ended December 31, 2009 | Year Ended December 31, 2008 |
|
|
|
|
|
|
Net income (loss) | ($1,679,000) | $1,615,000 |
| ($4,895,000) | $5,509,000 |
Diluted earnings per share | ($ 0.09) | $ 0.07 |
| ($ 0.28) | $0.25 |
Glenn Wilson, President and Chief Executive Officer, commented on the 2009 financial results, “AmeriServ Financial reported a loss for both the fourth quarter and full year of 2009 due to an increased provision for loan losses. We performed a comprehensive review of our commercial loan portfolio during the second half of 2009 which included the gathering of the most current financial data we could obtain from our commercial borrowers to determine what impact the recessionary economy had on their financial performance. This review indicated the need for another strong contribution to our allowance for loan losses in the fourth quarter of 2009; although the amount of the quarterly provision did decline from the third quarter level. As a result of this loan loss reserve strengthening in 2009, our allowance for loan losses represented 2.72% of total loans outstanding and provided 115% coverage of non-performing loans at December 31, 2009. This higher loan loss provision unfortunately more than offset some strong fundamentals, such as, a $3.3 million increase in net interest income that resulted from solid deposit and loan growth experienced within our bank during 2009.”
The Company’s net interest income in the fourth quarter of 2009 increased modestly by $12,000 from the prior year’s fourth quarter, and for the full year of 2009 increased more significantly by $3.3 million or 11.4% when compared to 2008. The Company’s net interest margin of 3.72% for the full year of 2009 is also 8 basis points better than the 3.64% net interest margin achieved during the full year of 2008. The increased net interest income and margin resulted from a combination of solid loan and deposit growth and the pricing benefits achieved from a steeper yield curve in 2009. Specifically, total loans averaged $725 million in 2009, an increase of $83 million or 13.0% over 2008. This growth caused overall loan interest revenue to increase in 2009 despite the lower interest rate environment. The loan growth was driven by increased commercial loan production as the majority of increased residential mortgage loan production has been sold into the secondary market. The Company’s strong liquidity position has been supported by total deposits that averaged $763 million in 2009, an increase of $68 million or 9.8% over 2008. The Company believes that uncertainties in the financial markets and the economy have contributed to growth in money market accounts, certificates of deposit and demand deposits as consumers have looked for safety in well capitalized community banks like AmeriServ Financial. Additionally, the Company also benefited from a favorable $3.7 million decline in interest expense caused by the more rapid downward repricing of both deposits and Federal Home Loan Bank borrowings due to the market decline in short-term interest rates.
The Company appropriately strengthened its allowance for loan losses in the fourth quarter and full year of 2009 in response to deterioration in asset quality. This deterioration in asset quality in 2009 was evidenced by higher levels of nonperforming loans and classified loans than in 2008 and reflects the results of a comprehensive review of loans in the commercial loan and commercial real estate portfolio in the second half of 2009. When determining the provision for loan losses, the Company considers a number of factors some of which include periodic credit reviews, non-performing, delinquency and charge-off trends, concentrations of credit, loan volume trends and broader local and national economic trends. Overall, the Company recorded a $3.8 million provision for loan losses in the fourth quarter of 2009 compared to a $625,000 provision in the fourth quarter of 2008, or an increase of $3.1 million. For the full year 2009, the Company recorded a $15.2 million provision for loan losses compared to a $2.9 million provision for 2008, or an increase of $12.2 million. Actual credit losses realized through charge-off, however, are running well below the provision level but are higher than the prior year. For the full year 2009, net charge-offs have amounted to $4.4 million or 0.60% of total loans compared to net charge-offs of $1.3 million or 0.20% of total loans for the full year 2008. Of the 2009 net charge-offs, $3.3 million was realized in the fourth quarter and reflected the resolution of one of the Company’s larger non-performing loans. This was a factor contributing to a $5.4 million decline in non-performing assets from $23.7 million at September 30, 2009 to $18.3 million or 2.54% of total loans at December 31, 2009. Non-performing assets in 2009, however, are well above the year end 2008 level of $4.6 million or 0.64% of total loans. In summary, the allowance for loan losses provided 115% coverage of non-performing loans and was 2.72% of total loans at December 31, 2009, compared to 264% of non-performing loans and 1.26% of total loans at December 31, 2008.
The Company’s non-interest income in the fourth quarter of 2009 decreased by $54,000 from the prior year’s fourth quarter and for the full year 2009 decreased by $2.5 million when compared to all of 2008. The largest item responsible for the quarterly decline was a $206,000 decrease in trust and investment advisory fees as a result of reductions in the market value of assets managed due to lower real estate and equity values in 2009. The largest item causing the full year decline was related to bank owned life insurance. Bank owned life insurance revenue dropped by $1.5 million in 2009 as there were more payments for death claims in 2008. Trust and investment advisory fees also declined by $1.2 million for the full year 2009 while deposit service charges dropped by $300,000 due to fewer overdraft fees. These negative items were partially offset by increased gains on asset sales. Specifically, gains realized on residential mortgage sales into the secondary market in 2009 increased by $174,000 for the full year due to increased mortgage purchase and refinance activity in the Company’s primary market. The Company also took advantage of market opportunities and generated $164,000 of gains on the sale of investment securities in 2009 compared to a net $95,000 loss on a portfolio repositioning strategy executed in 2008.
Total non-interest expense in the fourth quarter of 2009 increased by $1.7 million from the prior year’s fourth quarter and for the full year 2009 increased by $3.5 million or 9.9% when compared to the full year 2008. Higher FDIC deposit insurance expense due to an increased basic rate and special assessment is a key factor responsible for both the quarterly ($595,000) and full year ($1.6 million) increase in non-interest expense in 2009. Total salaries and benefits expense in 2009 increased by $520,000 in the fourth quarter and $1.3 million for the full year due to greater salary costs as a result of normal merit increases and higher sales related incentive compensation along with greater pension expense. The fourth quarter 2009 salaries expense was also impacted by $130,000 of severance related costs. Professional fees increased by $208,000 for the fourth quarter and $450,000 for the full year due to increased legal fees and recruitment costs in 2009. Fourth quarter 2009 professional fees also included $120,000 of consulting costs related to a comprehensive review of the Company’s trust subsidiary which focused on strategic issues along with day-to-day operating and compliance activities. Other expenses in both periods also increased due to credit related costs. Specifically, other real estate owned expense increased by $715,000 due to the write-down and operating costs associated with an increased number of other real-estate owned properties while the Company also had to fund its reserve for unfunded commitments by an additional $118,000 in 2009. These negative items were partially offset by a reduction in core deposit amortization expense of $216,000 for the fourth quarter and $757,000 for the full year as a branch core deposit intangible was fully amortized in the first quarter of 2009.
ASRV had total assets of $970 million and shareholders’ equity of $107 million or a book value of $4.09 per common share at December 31, 2009. The Company continued to maintain strong capital ratios that exceed the regulatory defined well capitalized status with a risk based capital ratio of 15.33%, an asset leverage ratio of 11.06% and a tangible common equity to tangible assets ratio of 7.71% at December 31, 2009.
This news release may contain forward-looking statements that involve risks and uncertainties, as defined in the Private Securities Litigation Reform Act of 1995, including the risks detailed in the Company's Annual Report and Form 10-K to the Securities and Exchange Commission. Actual results may differ materially.
Nasdaq: ASRV
SUPPLEMENTAL FINANCIAL PERFORMANCE DATA
January 26, 2009
(In thousands, except per share and ratio data)
(All quarterly and 2009 data unaudited)
2009
| 1QTR | 2QTR | 3QTR | 4QTR | YEAR |
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| TO DATE |
PERFORMANCE DATA FOR THE PERIOD: |
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|
Net income (loss) | $533 | $(939) | $(2,810) | $(1,679) | $(4,895) |
Net income (loss) available to common shareholders | 274 | (1,202) | (3,073) | (1,941) | (5,942) |
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PERFORMANCE PERCENTAGES (annualized): |
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Return on average assets | 0.22% | (0.39)% | (1.15)% | (0.70)% | (0.51)% |
Return on average equity | 1.90 | (3.29) | (9.83) | (6.01) | (4.33) |
Net interest margin | 3.72 | 3.66 | 3.57 | 3.75 | 3.72 |
Net charge-offs as a percentage of average loans | 0.03 | 0.19 | 0.35 | 1.82 | 0.60 |
Loan loss provision as a percentage of average loans | 1.02 | 1.81 | 3.42 | 2.05 | 2.09 |
Efficiency ratio | 78.22 | 82.56 | 84.00 | 92.82 | 84.39 |
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PER COMMON SHARE: |
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Net income (loss): |
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Basic | $0.01 | $(0.06) | $(0.15) | $(0.09) | $(0.28) |
Average number of common shares outstanding | 21,137 | 21,151 | 21,178 | 21,219 | 21,172 |
Diluted | 0.01 | (0.06) | (0.15) | (0.09) | (0.28) |
Average number of common shares outstanding | 21,137 | 21,152 | 21,182 | 21,219 | 21,174 |
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2008
| 1QTR | 2QTR | 3QTR | 4QTR | YEAR |
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| TO DATE |
PERFORMANCE DATA FOR THE PERIOD: |
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|
Net income | $1,229 | $1,516 | $1,149 | $1,615 | $5,509 |
Net income available to common shareholders | 1,229 | 1,516 | 1,149 | 1,580 | 5,474 |
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PERFORMANCE PERCENTAGES (annualized): |
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Return on average assets | 0.55% | 0.71% | 0.52% | 0.69% | 0.62% |
Return on average equity | 5.43 | 6.64 | 4.93 | 6.68 | 5.93 |
Net interest margin | 3.32 | 3.58 | 3.59 | 3.84 | 3.64 |
Net charge-offs as a percentage of average loans | 0.06 | 0.46 | 0.04 | 0.23 | 0.20 |
Loan loss provision as a percentage of average loans | 0.10 | 0.89 | 0.48 | 0.36 | 0.45 |
Efficiency ratio | 82.87 | 73.20 | 79.72 | 77.46 | 78.11 |
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PER COMMON SHARE: |
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Net income: |
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|
Basic | $0.06 | $0.07 | $0.05 | $0.07 | $0.25 |
Average number of common shares outstanding | 22,060 | 21,847 | 21,855 | 21,571 | 21,833 |
Diluted | 0.06 | 0.07 | 0.05 | 0.07 | 0.25 |
Average number of common shares outstanding | 22,062 | 21,848 | 21,856 | 21,571 | 21,975 |
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AMERISERV FINANCIAL, INC.
(In thousands, except per share, statistical, and ratio data)
(All quarterly and 2009 data unaudited)
2009
| 1QTR | 2QTR | 3QTR | 4QTR |
PERFORMANCE DATA AT PERIOD END |
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|
Assets | $975,062 | $978,899 | $959,344 | $970,026 |
Short-term investment in money market funds | 10,817 | 7,516 | 6,565 | 3,766 |
Investment securities | 138,853 | 136,119 | 138,715 | 142,883 |
Loans | 726,961 | 739,649 | 722,540 | 722,904 |
Allowance for loan losses | 10,661 | 13,606 | 19,255 | 19,685 |
Goodwill and core deposit intangibles | 13,498 | 13,498 | 12,950 | 12,950 |
Deposits | 746,813 | 783,807 | 779,185 | 785,993 |
FHLB borrowings | 90,346 | 57,702 | 44,451 | 51,579 |
Shareholders’ equity | 114,254 | 112,880 | 110,706 | 107,254 |
Non-performing assets | 5,099 | 14,670 | 23,689 | 18,337 |
Asset leverage ratio | 11.82% | 11.61% | 11.41% | 11.06% |
Tangible common equity ratio | 8.35 | 8.17 | 8.16 | 7.71 |
PER COMMON SHARE: |
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Book value (A) | $4.44 | $4.37 | $4.25 | $4.09 |
Market value | 1.67 | 1.85 | 1.80 | 1.67 |
Trust assets – fair market value (B) | $1,432,375 | $1,376,272 | $1,340,119 | $1,358,570 |
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STATISTICAL DATA AT PERIOD END: |
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Full-time equivalent employees | 355 | 352 | 350 | 345 |
Branch locations | 18 | 18 | 18 | 18 |
Common shares outstanding | 21,144,700 | 21,156,801 | 21,215,115 | 21,221,909 |
2008
| 1QTR | 2QTR | 3QTR | 4QTR |
PERFORMANCE DATA AT PERIOD END |
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|
Assets | $902,349 | $877,230 | $911,306 | $966,929 |
Short-term investment in money market funds | 5,682 | 6,952 | 7,147 | 15,578 |
Investment securities | 146,285 | 141,867 | 141,630 | 142,675 |
Loans | 632,934 | 623,798 | 663,996 | 707,108 |
Allowance for loan losses | 7,309 | 7,963 | 8,677 | 8,910 |
Goodwill and core deposit intangibles | 14,254 | 14,038 | 13,821 | 13,605 |
Deposits | 682,459 | 722,913 | 688,998 | 694,956 |
FHLB borrowings | 106,579 | 40,214 | 106,897 | 133,778 |
Shareholders’ equity | 91,558 | 92,248 | 93,671 | 113,252 |
Non-performing assets | 3,050 | 3,717 | 4,390 | 4,572 |
Asset leverage ratio | 9.78% | 10.47% | 10.37% | 12.15% |
Tangible common equity ratio | 8.70 | 9.06 | 8.90 | 8.31 |
PER COMMON SHARE: |
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Book value (A) | $4.19 | $4.22 | $4.29 | $4.39 |
Market value | 2.79 | 2.98 | 2.51 | 1.99 |
Trust assets – fair market value (B) | $1,838,029 | $1,813,231 | $1,678,398 | $1,554,351 |
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STATISTICAL DATA AT PERIOD END: |
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Full-time equivalent employees | 350 | 353 | 352 | 353 |
Branch locations | 19 | 18 | 18 | 18 |
Common shares outstanding | 21,842,691 | 21,850,773 | 21,859,409 | 21,128,831 |
NOTES:
(A) Preferred stock received through the Capital Purchase Program is excluded from the book value per common share calculation.
(B) Not recognized on the balance sheet.
AMERISERV FINANCIAL, INC.
CONSOLIDATED STATEMENT OF INCOME
(In thousands)
(All quarterly and 2009 data unaudited)
2009
|
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| YEAR |
INTEREST INCOME | 1QTR | 2QTR | 3QTR | 4QTR | TO DATE |
Interest and fees on loans | $10,349 | $10,544 | $10,247 | $10,310 | $41,450 |
Total investment portfolio | 1,586 | 1,511 | 1,451 | 1,457 | 6,005 |
Total Interest Income | 11,935 | 12,055 | 11,698 | 11,767 | 47,455 |
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INTEREST EXPENSE |
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Deposits | 3,255 | 3,405 | 3,316 | 3,134 | 13,110 |
All borrowings | 539 | 479 | 457 | 436 | 1,911 |
Total Interest Expense | 3,794 | 3,884 | 3,773 | 3,570 | 15,021 |
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NET INTEREST INCOME | 8,141 | 8,171 | 7,925 | 8,197 | 32,434 |
Provision for loan losses | 1,800 | 3,300 | 6,300 | 3,750 | 15,150 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,341 | 4,871 | 1,625 | 4,447 | 17,284 |
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NON-INTEREST INCOME |
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Trust fees | 1,559 | 1,438 | 1,377 | 1,274 | 5,648 |
Net realized gains on investment securities | 101 | 63 | - | - | 164 |
Net realized gains on loans held for sale | 118 | 163 | 213 | 157 | 651 |
Service charges on deposit accounts | 673 | 710 | 712 | 674 | 2,769 |
Investment advisory fees | 137 | 152 | 176 | 183 | 648 |
Bank owned life insurance | 250 | 254 | 258 | 446 | 1,208 |
Other income | 723 | 711 | 718 | 688 | 2,840 |
Total Non-interest Income | 3,561 | 3,491 | 3,454 | 3,422 | 13,928 |
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NON-INTEREST EXPENSE |
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Salaries and employee benefits | 5,092 | 4,983 | 5,114 | 5,337 | 20,526 |
Net occupancy expense | 722 | 641 | 602 | 667 | 2,632 |
Equipment expense | 415 | 442 | 398 | 437 | 1,692 |
Professional fees | 920 | 873 | 1,050 | 1,189 | 4,032 |
FDIC deposit insurance expense | 32 | 691 | 311 | 636 | 1,670 |
Amortization of core deposit intangibles | 108 | - | - | - | 108 |
Other expenses | 1,873 | 2,006 | 2,091 | 2,527 | 8,497 |
Total Non-interest Expense | 9,162 | 9,636 | 9,566 | 10,793 | 39,157 |
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PRETAX INCOME (LOSS) | 740 | (1,274) | (4,487) | (2,924) | (7,945) |
Income tax expense (benefit) | 207 | (335) | (1,677) | (1,245) | (3,050) |
NET INCOME (LOSS) | 533 | (939) | (2,810) | (1,679) | (4,895) |
Preferred stock dividends | 259 | 263 | 263 | 262 | 1,047 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $274 | $(1,202) | $(3,073) | $(1,941) | $(5,942) |
2008
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| YEAR |
INTEREST INCOME | 1QTR | 2QTR | 3QTR | 4QTR | TO DATE |
Interest and fees on loans | $10,462 | $9,862 | $10,015 | $10,680 | $41,019 |
Total investment portfolio | 1,820 | 1,588 | 1,717 | 1,675 | 6,800 |
Total Interest Income | 12,282 | 11,450 | 11,732 | 12,355 | 47,819 |
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INTEREST EXPENSE |
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Deposits | 4,499 | 3,861 | 3,774 | 3,546 | 15,680 |
All borrowings | 1,048 | 623 | 727 | 624 | 3,022 |
Total Interest Expense | 5,547 | 4,484 | 4,501 | 4,170 | 18,702 |
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NET INTEREST INCOME | 6,735 | 6,966 | 7,231 | 8,185 | 29,117 |
Provision for loan losses | 150 | 1,375 | 775 | 625 | 2,925 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,585 | 5,591 | 6,456 | 7,560 | 26,192 |
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NON-INTEREST INCOME |
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Trust fees | 1,790 | 1,737 | 1,691 | 1,513 | 6,731 |
Net realized gains (losses) on investment securities | - | (137) | 20 | 22 | (95) |
Net realized gains on loans held for sale | 89 | 121 | 138 | 129 | 477 |
Service charges on deposit accounts | 734 | 807 | 771 | 757 | 3,069 |
Investment advisory fees | 226 | 218 | 185 | 150 | 779 |
Bank owned life insurance | 249 | 1,923 | 260 | 263 | 2,695 |
Other income | 750 | 674 | 702 | 642 | 2,768 |
Total Non-interest Income | 3,838 | 5,343 | 3,767 | 3,476 | 16,424 |
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NON-INTEREST EXPENSE |
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Salaries and employee benefits | 4,830 | 4,812 | 4,758 | 4,817 | 19,217 |
Net occupancy expense | 661 | 653 | 586 | 661 | 2,561 |
Equipment expense | 431 | 414 | 402 | 430 | 1,677 |
Professional fees | 769 | 910 | 922 | 981 | 3,582 |
FHLB prepayment penalty | - | 91 | - | - | 91 |
FDIC deposit insurance expense | 22 | 20 | 30 | 41 | 113 |
Amortization of core deposit intangibles | 216 | 216 | 217 | 216 | 865 |
Other expenses | 1,850 | 1,909 | 1,869 | 1,903 | 7,531 |
Total Non-interest Expense | 8,779 | 9,025 | 8,784 | 9,049 | 35,637 |
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PRETAX INCOME | 1,644 | 1,909 | 1,439 | 1,987 | 6,979 |
Income tax expense | 415 | 393 | 290 | 372 | 1,470 |
NET INCOME | 1,229 | 1,516 | 1,149 | 1,615 | 5,509 |
Preferred stock dividends | - | - | - | 35 | 35 |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $1,229 | $1,516 | $1,149 | $1,580 | $5,474 |
AMERISERV FINANCIAL, INC.
Nasdaq: ASRV
Average Balance Sheet Data (In thousands)
(All quarterly and 2009 data unaudited)
2009
2008
|
| TWELVE |
| TWELVE |
| 4QTR | MONTHS | 4QTR | MONTHS |
Interest earning assets: |
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|
|
Loans and loans held for sale, net of unearned income | $723,992 | $725,241 | $683,739 | $641,766 |
Deposits with banks | 1,772 | 1,782 | 493 | 583 |
Short-term investment in money market funds | 6,745 | 9,022 | 8,405 | 7,136 |
Federal funds | 1,491 | 490 | - | 114 |
Total investment securities | 146,164 | 146,150 | 151,521 | 153,636 |
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Total interest earning assets | 880,164 | 882,685 | 844,158 | 803,235 |
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Non-interest earning assets: |
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Cash and due from banks | 14,363 | 14,498 | 15,581 | 16,786 |
Premises and equipment | 9,230 | 9,213 | 9,751 | 9,333 |
Other assets | 73,927 | 72,574 | 68,325 | 72,249 |
Allowance for loan losses | (19,626) | (13,382) | (8,602) | (7,837) |
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Total assets | $958,058 | $965,588 | $929,213 | $893,766 |
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Interest bearing liabilities: |
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Interest bearing deposits: |
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Interest bearing demand | $63,828 | $62,494 | $63,225 | $64,683 |
Savings | 71,789 | 72,350 | 69,856 | 70,255 |
Money market | 184,096 | 169,823 | 113,703 | 107,843 |
Other time | 349,133 | 343,841 | 325,920 | 341,185 |
Total interest bearing deposits | 668,846 | 648,508 | 572,704 | 583,966 |
Borrowings: |
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|
Federal funds purchased, securities sold under agreements to repurchase, and other short-term borrowings | 11,329 | 21,028 | 113,093 | 71,636 |
Advanced from Federal Home Loan Bank | 29,892 | 43,934 | 13,101 | 11,725 |
Guaranteed junior subordinated deferrable interest debentures | 13,085 | 13,085 | 13,085 | 13,085 |
Total interest bearing liabilities | 723,152 | 726,555 | 711,983 | 680,412 |
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Non-interest bearing liabilities: |
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Demand deposits | 114,797 | 114,473 | 111,306 | 110,601 |
Other liabilities | 9,298 | 11,428 | 9,751 | 9,816 |
Shareholders’ equity | 110,811 | 113,132 | 96,173 | 92,937 |
Total liabilities and shareholders’ equity | $958,058 | $965,588 | $929,213 | $893,766 |